9 Mistakes Great Traders Never Make

In order to be a great trader you have to perform like a well oiled machine.  There is no room for error.  A momentary lapse of concentration or focus can spell disaster. Great traders DON”T MAKE MISTAKES.  You will never see them…..

  1. Try to close a position but accidentally DOUBLE it instead.
  2. Put a swing trade on and realize AFTER the close that earnings are coming soon. Like the next morning.  Before the market opens.
  3. Buy the CALLS in a stock that is breaking out at what they think is a bargain price, only to find out later that they actually bought the PUTS.
  4. Constantly drive by their ex girlfriend’s house to see if she is dating that idiot biker guy with the tats who will never love her the way they would….
  5. Knock off early for the day to go rollerblading, sure that they put a hard stop in on their position before they left (but didn’t).
  6. Be so quick on the trigger that they get a trade down in $AAPL at the open before a 20 point run.  Then realize that they actually bought $APPL.
  7. Continuously hit the “submit” button on their trading platform when their order “hangs up” only to find out that they bought their position eight times.
  8. Listen to the whole “Best of WHAM” album online, unaware that Spotify is auto-posting that info to their Facebook timeline.
  9. Think they have a “one cancels other” limit and stop in place and take a long lunch after their position hits it’s profit target.  Then come back later in the day only to learn that price reversed, hit their stop (making them net short), and then rallied.

By the way, I am a great trader because as far as you know, I haven’t made seven out of nine of those mistakes, including number three just yesterday.

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  • Ha! Great stuff, I think I have probably done all of these over the years except for number 8…

    • Sure you haven’t done #8…..lol

  • maisie

    i don’t know how the trade desk peeps take it, all our wacky screwups, i have made so many, every one on that list and then some!

    • They must have the patience of the Saints…or Bronco’s…Hiyoo……!!!

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  • I always, always blame the platform if any of that shit happens 😉

    • Yeah…fucking platform!!!!

  • R Wayne

    Those are good ones. How about grabbing a dip with both hands only to find out it is a falling knife? Thanks to QCOR I had to type this with my toes.

    • We have all done that…..

    • We have all tried to grab that knife before….

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  • vextrades

    Guilty of #2 and #8 — but it was Wilson Philips, not Wham!

    • Hah…Wilson Philips. That may be worse than Wham! 🙂

  • jim

    Sitting in a daytrading room years back the most frequent thing would be

    OH, &^^&^%$^*!

    I bought the wrong stock!

  • Lucky Number 7 committed more than once,. Good stuff Bclund!

    • Done that too. Fortunately, these days platforms are better, but back in the 90’s they had all sorts of problems.

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  • RVTraveler

    I had to laugh when I read #1 and have done that. Wondered how the rest of the #s would go…

    • Oh, I have done #1 many times…..lol

  • ppearlman

    lov the wham btw.

    many many years ago i bot a stock in early premarket for what i thought was 10 down and an errant offer only to find out that a stock split was occuring that day and i was out like 5k.

    while the broker broke the trade pros dont do that.

    • The WHAM part is true, in fact just happened recently. In fairness I was playing it for my wife….although “Wham Rap” is catchy.

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  • You certainly are guilty of #8, I would think!

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Brian C. Lund

Brian C. Lund

Great father. Good friend. Decent trader/writer. Lacking husband. Solid drummer. Sometimes funny. Often A-hole. Terrible poker player. Too smart. Punk rock. Work in an ice cream shop.

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